Daily Market Comment (03/02/2012) 

Following the strength of the last couple of sessions and with the market lacking any fresh fundamental news, Wheat futures ended the trading session lower. The expected Russian ban on exports could still be on the cards although nothing has been put in place yet.

Chicago Wheat for March 2012 is 11 and a half cents lower today, at 662 and 3 quarter US cents a bushel.

Corn prices finished up last session largely unchanged as further doubt over crucial corn growing regions continue to plague the market. A potential shortfall in supply coming out of South America could help improve US export sales.

Chicago Corn for March 2012 is 1 cent higher at 643 US cents a bushel.

Profit taking after the gains witnessed recently helped generate most of the weakness seen in the Canola price overnight. The slide in prices was supported by canola’s related market which also recorded declines, including Malaysian palm and European rapeseed futures.

Winnipeg canola for March 2012 is $1.1 dollars lower at $522.70, Canadian Dollars per tonne.

The Australian dollar is currently trading at 1.071 USD.